Global demand for large-scale energy storage is expected to grow further by 2024
2023-12-29 08:12Global Demand For Large-scale Energy Storage is Expected to Grow Further by 2024
TrendForce Tiburon Consulting expects that the strong demand for large storage, industrial and commercial storage will support the global demand for energy storage to maintain high growth in 2024. From the incremental point of view, global energy storage ushered in the demand resonance, large-scale energy storage installed capacity is expected to reach 53GW/128.6GWh next year, compared with household energy storage, industrial and commercial energy storage still maintains the absolute leading position.
| China | In China, wind energy, photovoltaic and other new energy projects are growing rapidly, baseload power installation or can not meet the maximum load gap, the urgency of the installation of large storage is increased, is expected to guide the continued growth of the installed capacity in 2024. |
U.S. | In the U.S., Big Reserve has been the brightest performer, with its high economics and diversified profitability model, and great potential for growth. |
| European | The Europe market will be mainly supported by large storage releases as growth in 2024, with the U.K. accounting for a significantly higher share driven by large storage releases. |
China: the urgency of installing large storage increases
Currently, China's energy storage commercialization process continues to accelerate, many places introduced a clear installed capacity target, and encourage the installation of policy to promote increased, superimposed on the wind energy, photovoltaic power generation and consumption problems, large storage installed capacity demand presents a sustained growth trend, set the state consulting is expected to China's new large storage installed capacity of 24.8GW/55GWh in 2024.
From the policy point of view, since September, the national development and reform commission, the national energy bureau and other departments continue to vigorously promote the construction of power spot, shandong, guangdong and other places in promoting energy storage at the same time to participate in the electric energy and auxiliary services market. in october, the state council put forward to speed up the construction of part of the region of large-scale wind power photovoltaic bases, supportive power supply and transmission corridor, adhere to the combination of large-scale and distributed development, synchronization of the configuration of high-efficiency energy storage peaking device, actively develop photothermal power generation and other power generation. devices, and actively develop solar thermal power generation and other content.
U.S. : Great Reserve performs best
This year, the U.S. market due to supply chain problems and energy storage grid-connected pipeline congestion and other issues, 2023 installed performance is lower than expected. Among them, the most affected is the large storage category, the phenomenon of grid connection delay is more serious, for the release of demand to form a certain degree of inhibition.
In 2024, the U.S. installed demand as a whole will show a slowdown in the growth trend, but is expected to be large storage installation still maintains a bright performance, Jibang Consulting is expected to the U.S. in 2024, the new large storage installation of 11.6GW/38.2GWh.
The core drivers of the demand for large storage are poor local grid coordination and the increasing share of wind power generation. Against the backdrop of an aging transmission and distribution network, new energy projects in the U.S. face delays in connecting to the grid. On the application side, the ratio between new energy distribution storage and independent storage is around 7 to 3. In the case of superimposed ITC subsidies, the large storage of high economic and profitability model is diversified, with the potential for rapid growth.
Europe: renewable energy targets continue to rise
The European market performance in 2024 will slow down compared with the growth rate in 2023, but will still maintain a high growth rate, mainly supported by the release of large storage. The demand for large storage in mainstream European countries relies on government tenders and market-based projects, and with the deepening of large storage projects in the grid side and power side applications, there is still strong growth momentum.
For example, the United Kingdom, the United Kingdom as Europe's most mature large storage market, its official announcement of the latest version of the future energy vision plan, significantly upwardly adjusted the short-term target of installed energy storage. Short-term demand for energy storage in the United Kingdom or through the government to introduce appropriate incentives to further promote the growth of demand for energy storage. 2024, the United Kingdom due to large storage in the grid side of the demand surge, maintain a high rate of growth, there is an obvious explosive increment.
In addition, the UK energy storage project large-scale release of grid-connected time nodes are also concentrated in 24 years. Supported by the above data, Jibang Consulting expects that the new installed capacity of large storage in the UK is expected to reach 4.2GW/6.4GWh in 2024.
Overall, the high growth of PV installed capacity leads to consumption problems, favorable policies superimposed on the bidding market is hot, 2024 at home and abroad, large storage is still showing a high degree of prosperity, supporting the global demand for energy storage to maintain high growth. In addition, due to economic problems and global geopolitical conflicts occasionally, or will affect the shipping lines and local installed demand delayed release, the installed demand to form a certain inhibition.